7 Aug 2012 07:00
Sierra Rutile Limited
Sierra Rutile Achieves Record Monthly Rutile Production
London, UK, 7 August 2012: Sierra Rutile Limited (AIM: SRX) ("Sierra Rutile") is pleased to announce that, during the month of July 2012, it produced 10,551 tonnes of rutile and 2,059 tonnes of ilmenite, a new monthly record for Sierra Rutile, 13% greater than the previous monthly production record set in December 2006 . Most importantly, this record production was achieved with an unblemished safety record.
Since October 2010, Sierra Rutile has invested substantial capital and time in upgrading and optimising its existing mining and processing facilities. This focus has led to significant increases in the recovery, availability and reliability of all existing mining and processing facilities. Most recently, in June 2012, a major planned maintenance shutdown was completed, focused on upgrading key components of the dredge and equipment in the mineral separation plant. The record production in July 2012 is a direct result of the June 2012 shutdown and the cumulative result of the last 20 months' efforts.
Commenting on the record achievement, John Sisay, Sierra Rutile Chief Executive Officer said, "This production record is a significant milestone in the turnaround of our operations. It clearly demonstrates that the most effective investments we can make are those that enhance the productivity and efficiency of our existing assets and we have already identified a significant pipeline of such projects which we hope to execute over the coming months and years".
ENDS
For Further Information:
Sierra Rutile Limited Joe Connolly, Chief Financial Officer & Company Secretary
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+44 (0)20 7074 1800 |
RBC Capital Markets Nominated Adviser and Joint Corporate Broker Martin Eales / Jonathan Hardy
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+44 (0)20 7653 4000 |
Mirabaud Securities Joint Corporate Broker Peter Krens
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+44 (0)20 7321 2508 |
Kreab Gavin Anderson Fergus Wylie/ Andy Jones/ Anthony Hughes |
+44 (0)20 7074 1800 |
Notes to Editors
About Sierra Rutile Limited
Sierra Rutile produces titanium feedstock industrial minerals (primarily rutile, with some associated ilmenite), as well as smaller quantities of zircon. Sierra Rutile's mine, located in the south west of Sierra Leone, is one of the largest natural rutile deposits in the world, with a JORC-Compliant Mineral Resource for measured, indicated and inferred resources for the Sierra Rutile mine of over 600 million tonnes (as at February 2011).
www.sierra-rutile.com